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The building has been 70% pre-leased to a cruise ship industry provider of non-perishable food items and food service supplies commencing with building completion and tenant build-out, expected to be in the third quarter of 2025, and expiring February 2033.
The new tenants will occupy a total of 22,213 square feet of space.
Newmark was the sole broker in the transaction, with Executive Managing Directors Steve Medwin and Nick Wigoda facilitating the sale.
Vice President Bradley Arendt, Executive Vice President Mika Mattingly and Associate Jonathan Papeika of the Colliers South Florida Urban Core Division represented the seller in the transaction. Ryan Shaw of Marcus & Millichap represented the buyer.
The 134,267-square-foot warehouse is ready for tenant buildouts and can support many large operations.
The new leases cover a total of 65,800 square feet and include a combination of recently opened stores as well as those set to open later this year and in 2025.
Totaling 640,000 square feet, the fully leased building has now received its temporary certificate of occupancy (TCO) from the City of Miami.
Peter “PJ” Apol and Ryan Goggins of Sunbeam Properties & Development represented the Park in the transactions, with Bob Banks of R.W. Banks Real Estate and Audley Bosch of JLL representing tenants.
Colliers Vice Chair Stephen Rutchik and Vice President Tom Farmer represented the landlord in negotiating the lease transaction. Vice Chairman Matthew Cheezem of Cushman & Wakefield represented the anchor tenant.
He will oversee daily brokerage operations, including recruiting, hiring, training and developing agents and staff.
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